The Islamic Development Bank (IsDB) and the Kyrgyz Republic have signed new financing agreements worth $129.11mn to support projects in agriculture, energy, and education sectors. The signing took place on the sidelines of the Spring Meetings of the World Bank and International Monetary Fund.
The agreements were signed by Dr. Muhammad Al Jasser, President of the IsDB, and Almaz Baketaev, Minister of Finance of the Kyrgyz Republic and Alternate Governor of the IsDB. The ceremony was witnessed by Kasymaliev Adylbek Aleshovich, Chairman of the Cabinet of Ministers and Head of the Administration of the President of the Kyrgyz Republic.
The financing package includes a $15mn grant under the Global Partnership for Education (GPE), for which IsDB serves as trustee. The grant aims to enhance inclusive and quality education across the country.
The three projects covered under the agreements focus on strengthening key sectors:
- Agriculture: A Line of Financing for Promoting Agriculture Mechanization, aimed at boosting productivity and improving rural livelihoods.
- Energy: Construction of electricity transmission lines and substations in Tamga and Karakol in the Issyk-Kul Region to expand reliable energy access.
- Education: Implementation of the Smart-Education Project to improve access to and the quality of inclusive learning opportunities for all children.
Speaking after the signing, Dr. Al Jasser highlighted that these projects are strategic investments to support sustainable growth through enhanced agricultural productivity, energy infrastructure, and inclusive education in the Kyrgyz Republic.
To date, the IsDB Group has approved $631mn for 89 operations in the Kyrgyz Republic, covering infrastructure development, private sector growth, and trade facilitation. Additionally, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Bank’s insurance arm, has provided $48.1mn in business insurance and $0.7mn in new insurance commitments.
During the meetings, Dr. Al Jasser and the Kyrgyz delegation also discussed future cooperation opportunities, particularly in the fields of energy production, water management, and sanitation. The delegation included Finance Minister Baketaev Almaz Kushbekovich, Energy Minister Ibrayev Taalaibek Omukeevich, and other senior officials.
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